The lack of supply of rental properties is getting worse, it has been revealed.
Research carried out by the Association of Residential Lettings Agents (ARLA) revealed that 70% of member offices have more tenants than homes.
This is an increase from the figure of 59% in the previous quarter, while it was only 24% in September 2009.
Ian Potter, operations manager of ARLA - which is a professional and regulatory body for letting agents in the UK formed in 1981 - noted that spring usually brings a number of dwellings onto the market.
He added that the situation is "deteriorating rapidly" and noted that there is a real chance that a severe rental housing shortage could develop as a result.
The specialist observed that the Chancellor did not do enough to "incentivise" the private rented sector when delivering his Budget, which may cause the housing market to take longer to get back on its feet.
Financial News
Rental housing shortage 'to worsen'
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